The 20 top law firms in Portugal
The Portuguese leaders of the legal market show strong revenue growth in 2024, according to Iberian Lawyer’s estimates
by glória paiva
Portugal continues to strengthen its position as an international legal market — dynamic and competitive, with a quality that rivals larger jurisdictions, despite its proportionally smaller size in terms of business volume and population. The recent arrival of international firms such as Pérez-Llorca, along with the expansion of the legal arms of consultancies like Deloitte, PwC, and EY, highlights a growing confidence in Portugal’s potential, underpinned by expectations of a market with significant room for further expansion.
Despite modest economic growth of 1.9% and political instability — notably, the conflict-of-interest scandal that led to the fall of Luís Montenegro — the Portuguese legal market demonstrated remarkable dynamism in 2024, as reflected in the latest revenue estimates by Iberian Lawyer and the LC Publishing Group research team. Growth was fueled by an increase in M&A transactions, corporate restructurings, and heightened demand for regulatory advisory services, particularly in compliance, ESG, data protection, and energy sectors.
A major development in the past year was the authorization by the Portuguese Bar Association for the practice of multidisciplinary firms, allowing major consultancies — the so-called Big Four — to consolidate their legal divisions. The inflow of foreign investment and the strategic repositioning of many law firms — through new hires, partner promotions, international alliances, and new office openings — demonstrate a strong, continued commitment to the Portuguese market. Firms with international operations or specialized practices have been particularly adept at capitalizing on this context, proving that even in adverse conditions, the legal sector can thrive with vision and agility.
Although law firms in Portugal have traditionally been reluctant to disclose their revenues publicly, Iberian Lawyer compiles estimates based on confidential interviews with market insiders, alongside indicators such as new hires, partner appointments, and activity in fields like M&A, venture capital, private equity, and asset acquisitions. According to these estimates, the top 20 law firms collectively generated at least €634 million in 2024, compared to €582 million in 2023 — representing a growth rate of 8.93%. This expansion aligns with the trends of the past five years, during which the compound annual growth rate averaged approximately 9.5%.
Among the market leaders, Vieira de Almeida, Morais Leitão, and PLMJ retained, again, the top three positions this year, with revenues of €84.02 million, €78.52 million, and €67.67 million, respectively. The strong and steady performance of the “big three” reflects their diversified service offerings and active participation in major national and cross-border transactions. Notably, PLMJ’s consistent growth is also driven by its solid presence in real estate and urban planning transactions, supported by the integration of around 40 lawyers from RRP Advogados and Sofia Galvão over the past year.
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